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A group of 11 eurozone countries agreed to move forward with a tax on financial transactions, although the levy is expected to take some time to introduce. The move threatens to drive more trading from Frankfurt, Germany, and other eurozone financial hubs to London, widening a division in Europe.

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Thousands of anti-capitalist protesters clashed with riot police Wednesday near European Central Bank headquarters in Frankfurt, Germany. Inside, ECB President Mario Draghi said he understands Europeans "are going through very difficult times" but added that "the euro area is not a political union of the sort where some countries permanently pay for others."

A committee from the U.K. House of Lords says in a report that Britain should use its clout to end a proposed financial-transaction tax in 11 EU nations. The report also says the levy would undermine the bloc's single market. The U.K. is not one of the 11 countries, which have agreed to move forward with a tax on stocks, bonds and derivatives.

The eurozone's industrial sector is steadily moving toward expansion, according to purchasing managers indexes for manufacturing. Industrial activity rose to 48.3 in May, from 47.8 in April, putting May's reading at the highest level in 15 months.

A group of 11 euro-zone countries agreed to move forward with a tax on financial transactions, although the levy is expected to take some time to introduce. The move threatens to drive more trading from Frankfurt, Germany, and other euro-zone financial hubs to London, widening divisions in Europe.